Analysts at TD Securities are looking for the Canadian economy to add 25k jobs in October, well above the market consensus for 15k.
Key Quotes
“Temporary federal election hiring will provide a significant tailwind to the headline print; in the previous three election cycles, public administration employment rose by 32k on average during the month of the vote. This will push the unemployment rate back to its cycle low of 5.4%, while muted base-effects should see wage growth firm to 4.4% (market: 5.5%, 4.2%).”
“October housing starts will be release shortly ahead of the LFS; we look for a modest pickup to a 229k pace from 221k in September (market: 220k), consistent with sustained momentum in residential investment into Q4. At 13:30 ET we will hear from BoC Deputy Governor Beaudry when he delivers the opening remarks to the John Kuszczak Memorial Lecture.”
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